According to a report issued by Hospitality Advisors LLC, Hawaii hotels had the second high daily rate and revenue per available room in the entire country during the first nine months of 2014. Coming in just behind New York City, Hawaii's average daily rates were $241.28 while the revenue per available room was $187.72. These numbers represented a 4.9 percent and 4.8 percent respectively from the previous year.
Oahu had the highest occupancy rate of 85.2 percent, while Maui came in second at a 72.5 percent occupancy rate. Kauai had a 71.3 percent occupancy rate and Hawaii island (Big Island of Hawaii) had a 62 percent occupancy rate. Tourism experts are trying to come up with new ways to increase the neighbor island occupancy throughout the year while increasing the cost of Oahu's rooms. Barry Wallace, the executive vice president of hospitality services for Outrigger Enterprises Group, commented, "Oahu, especially Waikiki, is pretty much at capacity. When you get to occupancy in the high 80s, the industry really can't sustain much more since there are always some rooms that are out of order. Practically speaking, that's about as high as it can get, so for the next few years, growth on Oahu will have to come from higher spending."
Source: Honolulu Star Advertiser, 11-21-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
